Technip Up 6.8% After Dropping Bid For CGG; CGG Slides 29%

Shares of Technip SA rallied 6.8% at the open on Monday after the oil-and-gas services company late Sunday said it had dropped plans to buy CGG . CGG shares tanked 29%. In November, Technip made an offer for its smaller rival of 1.46 billion euros ($1.83 billion) in cash, or 8.30 euros a share. But in the statement on Sunday, Technip said the board "considered that none of the proposed options were creating value for the company and its stakeholders." Early on Monday, Technip announced an acquisition of Zimmer Polymer Technologies from Air Liquide SA .

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